Where is the Money??

[InsuranceESQ]

I am a P&C agent and have been for two years, primarily homeowner's. I don't like the house inspections that result in unexpected recommendation letters causing cancellation. Also, the low commissions (generally $100-$200/close) are too low to where I want to be in a few years.

So, in short. Where is the money in insurance sales? What insurance field can I switch into where I can earn more per premium and once I close the deal it is highly certain it will stay closed?

 

[VolAgent]

Just how my business are you losing over this?

Not the answer that you want, but you need to fix your business.

One of two things is going on here. You aren't properly field underwriting your prospects, your companies know it and are going behind you to do proper underwriting

OR

Your carriers are super picky and you need new carriers.

My bet is the first. Your clients are lying to you about the condition their homes are in, and you either haven't learned to verify or you pretend you don't know any better and hope underwriting doesn't notice.

Based on what a few others have posted here, I'm guessing you are near NYC, where it is expected to lie to your insurance company?

 

[xrac]

My understanding is insurance is a tough gig in New York state

 

[EugeneM]

the most successful (wealthy) Brokers I have met were either agency owners of Large Group Health Accounts in 100+ employee arena

OR

VPs of Commercial Line Agencies General Liability Workers Comp E&O etc...

Not saying you can get wealthy in individual lines, you would just have to do the volume

A lot of carriers wont even touch companies in the 5 boroughs. Especially General Liability and WC companies - Insurance Fraud Mafia central

 

[nyc2phi]

I am a P&C agent and have been for two years, primarily homeowner's. I don't like the house inspections that result in unexpected recommendation letters causing cancellation. Also, the low commissions (generally $100-$200/close) are too low to where I want to be in a few years. So, in short. Where is the money in insurance sales? What insurance field can I switch into where I can earn more per premium and once I close the deal it is highly certain it will stay closed?

The money in P&C is in building a large profitable book over time. Whether that's in personal, commercial, or both.

The most successful agents have a business model that can run it self and continue to grow year after year.

If you're really hungry for a big commission check now, start getting trained in mid market commercial account and go elephant hunting.

 

[Guest]

I am a P&C agent and have been for two years, primarily homeowner's. I don't like the house inspections that result in unexpected recommendation letters causing cancellation. Also, the low commissions (generally $100-$200/close) are too low to where I want to be in a few years. So, in short. Where is the money in insurance sales? What insurance field can I switch into where I can earn more per premium and once I close the deal it is highly certain it will stay closed?

I am 100% personal lines. You are correct, you won't make any money if you only sale HO3's. 80% of my HO's are bundled with an auto, flood, and/ or life. It takes a little extra push, but well worth it.